First Pacific Reports Stronger Philippine Affiliate Earnings

First Pacific Company Limited reported positive financial results from two key Philippine associates, PLDT Inc. and Metro Pacific Investments Corporation (MPIC), for the nine months ending September 2026, signaling a strengthening performance in the region.

PLDT, a major operating associate in which First Pacific holds a 25.6% economic interest, recorded gross service revenues of ₱161.2 billion, a 2% increase year-on-year. While net service revenues grew by a more modest 1% to ₱146.9 billion, excluding legacy services, the growth rate accelerated to 2%. Consolidated EBITDA also saw a 1% increase, reaching ₱83.2 billion, with the EBITDA margin remaining stable at 52%. This performance was achieved despite inflationary pressures, with cash operating expenses increasing by only 1%. PLDT’s core income reached ₱24.4 billion, supported by gains from asset sales and a 39% contribution from Maya.

MPIC, in which First Pacific holds approximately a 49.9% economic interest, demonstrated even stronger gains, with core net income rising by 5.1% to ₱24.8 billion compared to the same period last year. Net income attributable to owners of the Parent Company increased by 2.9% to ₱25.5 billion. These results indicate a broad-based improvement in MPIC’s portfolio performance. Notably, the company's total assets and equity remained stable at ₱0.9 trillion and ₱0.3 trillion respectively.

These results from PLDT and MPIC collectively demonstrate a positive trend for First Pacific’s Philippine investments. The combined performance suggests successful navigation of a challenging macroeconomic environment, with both companies demonstrating resilience and a capacity for growth. The gains in core income and revenue, coupled with stable asset levels, position First Pacific favorably within the broader regional financial landscape.